contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      name
      id
    }
  }
}


estimated-completion-date-of-keskos-dahl-acquisition-specified-2-november-2026

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

Kesko operates in the retail sector. The company offers services primarily aimed at the food, construction and technology industries. The largest activities are found in the development of store concepts, channel sales, e-commerce sites and business models. The majority of operations are found in the Nordic and Baltic markets. The head office is located in Helsinki.

Arttu has published a new company report regarding the rights issue.   Kesko published the terms for the rights issue related to financing the Dahl acquisition. Targeting gross proceeds of approximately EUR 652m, the issue is slightly larger than our previous assumption. We have updated our forecasts in line with the terms of the issue. The share trades ex-rights today. Our view of the company remains unchanged, and due to the high short-term valuation, we reiterate our Reduce recommendation. We lower our target price to EUR 25.0 (previously EUR 25.5), reflecting the theoretical impact of the detached subscription right.                     Inderes – 6 Nov 26              Kesko: Kauppaa käydään tänään ilman merkintäoikeuksia - Inderes    Kesko julkaisi ehdot Dahl-yrityskaupan rahoittamiseksi liittyvälle merkintäoikeusannille.

If the share price before the detachment of the subscription right is p, the dip associated with the detachment of the right is d, and the theoretical value of the subscription right is x, then as I understand it, in this rights issue p = p - d + x holds true so that the value of the holding is preserved when the right detaches. On the other hand, with the price of the right being x, p - d = 11*x + 18 should also hold true so that acquiring Kesko directly by buying shares versus via subscription rights (11 rights for one share at €18 each) would cost the same, excluding brokerage fees. I’ll leave substituting the values into the formulas and doing the math as an exercise. In fact, d = x = 7/12 if p = 25. So the subscription right will initially hover somewhere around 58 cents, and the dip upon detachment of the right will be of the same magnitude.

At least from a retail investor’s perspective, the 11:1 subscription ratio chosen for the rights issue is a bit silly. Most likely, a retail investor holds a number of shares divisible by ten, meaning a 10:1 ratio, for example, would have been considerably clearer. That way, accounts wouldn’t be left hanging with a few subscription rights that aren’t even worth selling due to fees. The same amount of money could have been raised in the rights issue with, say, a 10:1 ratio and a subscription price of around €16.40. Perhaps some slick-haired investment banker just wanted to show off how clever they are with this divisibility by 11.

That’s what needs to be considered here. Kesko-Dahl is interesting, especially since I believe in strong, boom years ahead for the construction industry. On the other hand, the increased cyclicality on the other side of the scale isn’t quite as appealing. Maybe I’ll subscribe for the full allocation at this stage and then consider reducing my holding afterwards; I just can’t make up my mind right now.

Personally, I’m just trying to weigh the pros and cons here, and I’m not going to sell or buy Kesko shares just because my holding isn’t evenly divisible by 11. I’m just considering the different options and their financial viability. The fact that exercising subscription rights doesn’t involve fees clarified things a lot for me. I’ve never participated in a rights issue before, so I didn’t know that subscription rights are allocated free of charge based on existing holdings. I had misunderstood things slightly; for some reason, I thought subscribing for new shares usually incurred unnecessarily high commission/brokerage fees. Luckily, people wiser than me were able to correct my mistaken assumption. Now I just need to weigh whether it’s worth increasing my current holding, keeping it as is, or selling and investing the money elsewhere. Kesko and the long-term prospects of the Dahl acquisition are certainly still of interest to me.

Wiser minds might be able to clarify, but I assume subscription rights aren’t allocated in fractions, so there wouldn’t be any left hanging around anywhere?

I’m wondering the same thing. I think I ended up with something like 10.09 subscription rights since I had one share over a multiple of 11, meaning I get to subscribe for 10 shares. Selling off the entire position just because of that leftover 0.09 doesn’t make any sense. In any case, worst-case scenario you miss out on almost one full subscription right at most if you’re one share short of a multiple of 11, so your holding hardly gets diluted.

Kesko

Kesko announced on 15 June 2026 that it will acquire the technical trade operator Dahl in Sweden and Brødrene Dahl companies in Norway and Denmark from Saint-Gobain. The estimated completion...

<div class="abstract"></div>Kesko announced on 15 June 2026 that it will acquire the technical trade operator Dahl in Sweden and Brødrene Dahl companies in Norway and Denmark from Saint-Gobain. The estimated completion date of the transaction has now been specified. Kesko estimates that the transaction will be completed on 2 November 2026. The company previously estimated that the transaction would be completed by the end of 2026.Further information: Sami Kiiski, President, building and technical trade division, Kesko, tel. +358 105 339 090, sami.kiiski@kesko.fi Hanna Jaakkola, Vice President, Investor Relations, Kesko, tel. +358 105 323 540, hanna.jaakkola@kesko.fiKesko CorporationDISTRIBUTION Nasdaq Helsinki Ltd Main news media <a href="http://www.kesko.fi">www.kesko.fi</a><div></div>

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Estimated completion date of Kesko's Dahl acquisition specified: 2 November 2026

Estimated completion date of Kesko's Dahl acquisition specified: 2 November 2026